SEC Is Seeking to Ban Cohen

U.S. securities regulators accused Steven A. Cohen of ignoring "red flags" that should have alerted him to insider trading at his hedge-fund firm and moved to ban the billionaire for life from the industry where he made his fortune.

After circling Mr. Cohen for years, the Securities and Exchange Commission filed an administrative action against him Friday. It marked the first time he was personally accused of wrongdoing in a...